This Bank Is Thinking About Quitting London After 10 Years Of Record Profits

Standard Chartered, the UK based investment bank known for its emphasis on emerging markets, is under pressure from its shareholders to leave London due to the impending rise in regulations and taxes on banks there, according to The Guardian.

The company reported profits today, which were the highest ever for the company in a six month period. That's ten years of record H1 profit for Standard Chartered. Consumer banking revenue, however, dissapointed, and the company's shares fell on the news, according to Bloomberg.

The company is seriously considering leaving London, and moving its corporate center to Asia, where it gets 75% of its earnings from. Standard Chartered is already listed in India, and is now considering a listing in Shanghai.

This news should be unerving for London regulators. Many of its banks can't really leave, such as Lloyds and RBS, but foreign banks like JPMorgan have already suggested they may be going. To lose a growth bank associated with the country throughout its history would be a serious rebuke to government policies, not to mention tax revenues.